Wall Street is heading for a lower opening on Tuesday. At lunchtime, futures on the S&P 500, Dow Jones index and Nasdaq were down to 0.4 percent in the red.
On Monday, tech stocks in particular were under considerable pressure again, after last week was another strong week for the three major US indices.
The focus on Tuesday is on a stream of quarterly figures, including from the troubled Johnson & Johnson and Procter & Gamble, but also Netflix after-market. Spain cryptocurrency websites is popular.
“Companies are doing even better than expected, which is baffling in many cases, but this is also one of the reasons the market is moving around an all-time high,” said Andrew Slimmon of Morgan Stanley Investment Management asset manager.
“The quarterly figures justified what the stock prices of many companies show,” said Slimmon.
According to market strategist Seema Shah of Principal Global Investors, the only risk is that expectations are so high that it will be very difficult to meet them.
“We’re getting to a point, with both quarterly and economic data, where positive surprises are going to be very difficult,” said Shah.
On a macroeconomic level, it will be very quiet in the US on Tuesday. the euro / dollar was trading at 1.2058. Monex Europe explains the dollar weakness due to vaccination optimism in Europe, where a positive advice may be issued on Tuesday to use the Johnson & Johnson vaccine again.
A barrel of WTI oil became nearly one percent more expensive, partly due to the weaker dollar, but also due to production problems in Libya.
Bitcoin was slightly lower at $ 55,205.
Abbott Laboratories, J&J, Lockheed Martin, Procter & Gamble and ManpowerGroup open the books this afternoon and Netflix will follow tonight. Cryptocurrency price predictions is popular.
IBM posted better than expected results in the first quarter of this year and maintained the outlook for the whole of 2021. This was shown by figures from the American computer giant on Monday evening. The stock is heading for a 3 percent higher opening on Tuesday.
United Airlines lost more than 2 percent before trading after the airline came up with disappointing quarterly figures on Monday after the market. In the first three months of 2021, United Airlines posted a loss of $ 1.3 billion. However, the airline was more positive about the cash flow and the possibilities for recovery now that more and more people are being vaccinated.
The US stock markets ended lower on Monday. The S&P 500 index closed 0.5 percent in the red at 4,163.26 points and the Dow Jones index fell 0.4 percent to 34,077.63 points. Tech exchange Nasdaq lost 1.0 percent on 13,907.67 points.